HSBC to invest Rs 50 cr in Vizag

HYDERABAD: HSBC Electronic Data Processing India is all set to boost the IT sector in the port city of Visakhapatnam by expanding its back office operations there.

The construction of the new 1.75 lakh sq ft facility in which HSBC is investing Rs 50 crore is due to start later this month after the formal launch of the project in Visakhapatnam on July 4 .

The company had signed a Memorandum of Understanding (MoU) with the AP government to this effect on June 27.

“The investment will be made over a period of three years in two phases. The center would employ about 800 people by 2004,” said COO of the company Malcon Wagget. Visakhapatnam Urban Development Authority and L& T are taking up the construction of the facility. “It will be ready by the first half of 2004,” said Wagget expressing his inability to comment any further on the project.

HSBC Electronic Data Processing (India) Pvt Ltd, provides data processing/ customer service facilities for the HSBC Group´s overseas operations.